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Two-factor authentication for banking

Clearly, you should not use SMS for banking authentiation.  We have been saying this for over eight years now.   The solution must use encryption that you control.

Any hardware-based solution like key fobs would be very expensive and difficult to scale.  Banks have a lot of users.

Obviously, any shared-secret based solution may be vulnerable an attack similar to the Chinese attack on RSA, which then required re-issuing all tokens - an expensive proposition if you have a lot of users even if you are using software tokens.  Private/Public keys that are generated on the users' devices are much better. 

Since network-based Man-in-the-middle attacks are so easy to do now and since certificates are impossible for even advanced users to verify, you should have some form of mutual authentication.

You need a solid API so you can manage enrolloment and create CSR management tools.

You need to be able to white-label the two-factor authentication client into your sofware and you need the server to be highly-scalable.

The WiKID Strong Authentication System meets all these requirements.

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